98,6% vote for the haircut

Update 12: 00 clock

For NEVS and the future of the company, another fateful day is on the agenda today. It is about the desired haircut, it is about the exit from the reconstruction.

NEVS © 2014 saabblog.net
NEVS © 2014 saabblog.net

From 10.00 o'clock meets the responsible court; A high approval of the creditors was signaled in advance. But the last word is left to the judges.

If the day runs as intended for NEVS, then, after the legal validity has arrived, the reconstruction could be abandoned in mid-April. The first installment of 50% debt has to be paid 60 days later, the rest after 6 months.

Within the first 60 days after completion of the reconstruction, NEVS intends to conclude the negotiations and announce the entry of new partners.

Update 10: 30

Meanwhile, the court has begun hearing the creditors. The NEVS management is present, owner Kai Johan Jiang himself is not present on site. He is in China and leads, as press officer Östlund announced, talks about the further financing of NEVS. If the company leaves the protection of the reconstruction, then Kai Johan Jiang must be ready for the financing until the entry of new shareholders.

Update 11: 10

Mathias Bergman has the word. The negotiations are complicated and not yet completed. The financing of the debt reduction will be borne by principal shareholder Kai Johan Jiang. The claims are to be paid by the assets that he has in China.

The first technical collaboration between NEVS and a new partner is scheduled to start in April, saving NEVS a lot of running costs. It is unclear whether contracts have already been signed.

NEVS wants to leave the reconstruction in April.

Update 11: 20

Referring to the Fröberg article in the SVD Bergman clarifies that there have been negotiations over the trademark rights. In order to get a new main shareholder, the question of trademark rights would first have to be resolved. There are negotiations, but they are not over.

In addition, NEVS is discussing further corporate financing with a Chinese bank. The chances of a loan are good.

Update 11.30

NEVS has accumulated 600 million kroner (62 million €) as liabilities. Now it goes to the vote, then the final decision is in the court.

Update 11: 40

More than 98% of the creditors are for the debt haircut. The final decision is now before the court. It can be made today, but it does not have to.

Update 12: 00

The court approves the haircut, NEVS is a big step further….

20 thoughts on "98,6% vote for the haircut"

  • As a supplier and creditor, I would only deliver this owner against prepayment. Say: SAAB has died. What a pity…..

    • Oh please, a little more objective ... NEVS will hardly build any more cars in the current constellation. Either a new main shareholder comes along, then the company repositions itself and has the necessary credibility, or everything goes down Göta Älv that once had to do with it. Before we declare everything dead ourselves, we should wait for the next 81 days ...

  • When the name ”NEVS has disappeared and the name SAAB is used again, I hope for a future.

  • I can not really understand how NEVS can have the prospect of new capital. Who wants to get in there?

  • Borgward, Borgward, Borgward? ? ?

    Why, Detlef and Alex, are they one step further?

    NEVS also had a little press, a little internet presence, even built a couple of real cars and on top of that is now already at the debt haircut ...

    Borgward has yet to go where NEVS has been for a long time. They are at least two steps back ...

    But seriously, before I saw a new Borgward on the street, believe neither bad nor good by Borgward 2.0.

        • More interesting is the China press, they tell a lot more. That Borgward is much further is increasing day by day. More on this soon

      • There seems to be really great vigor and a lot of money - SAAB would also get good. Even the design by Einar Hareide is included in the complete package.

        Does everything still sound somehow better than at NEVS - so several steps ahead? Of course only if Knöss & Co. also have a significant say - this remains to be seen.

        Let's see if NEVS similar with the new major investor also hinbekommt or if it already hakelt the trademark rights.

    • Yes, they are not yet insolvent and suppliers have not lost any money yet.

      What has become of the once proud brand SAAB, is only pathetic.

  • Thanks to Tom for the exciting report
    and the ongoing updates. There is a lot of time and coordination
    necessary.

    One thing is not completely understandable to me. Nevs saves by the
    Debt cut million €. How is it guaranteed that
    the management floor of NEVS in the next 60 / 90 / 120
    The right decisions in terms of Saab cars,
    Creditors and employees meet.

    Is it not necessary for the court to issue a substantive
    as the controlling body, which also works on an ongoing basis
    reported. The use a legal possibility after the
    others to get it cheap.

    If you can not settle debts in DE then you can
    also grab a comparison. At these magnitudes is
    me the most suspicious

    • There is, at the request of public authorities, a controlling body. The law firm Hamilton will continue to accompany the process as before.

      • Accompanying sounds good ... The only ones who have a cash cow with the remains of SAAB are the lawyers.

        Did not they already selected NEVS? And NEVS is now looking for lawyers?

        Only angry tongues would associate that with the saying about the crows that do not chop each other's eyes.

        What certainly plays the least role are cars, creditors and employees.

  • Are you looking forward to being a Saab fan or is News's secret revelation going into the next round and the name SAAB will continue to lose its shine?
    Borgward is really a big step forward!
    But again very nice written by Tom. For me the only reason to stay tuned to the topic!
    I wish everyone a saaby and sunny day ...

    • Good question. What we now know for sure is that NEVS has excellent lawyers. At least there you bet on the right horse. Everything else remained so wonderfully unclear today, as we are used to. More on the subject when the desk is a little emptier ...

  • NEVS has thus received a great leap of faith. Obviously you could not offer more than hot air. It is to be hoped that in the future, other core competences will show up than the knowledge of Swedish insolvency law.

    • Very good contribution! Can not help smiling

    • Perfect hit

  • NEVS, as always: wait and drink Käffchen!
    The sky in the north is at least hopefully blue ... 🙂

    • But waiting and drinking coffee is definitely not everything - KJJ also needs a skilled hand to find the other “right” donors for the photo existence of NEVS and hopefully also SAAB.

      In my opinion, Borgward is currently in the lead with its gold donkey - on the other hand, they are also more communicative. At NEVS, most things (hopefully) happen in secret.

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